Why BlackLine Stock Was Sliding Today
Yahoo Finance ·
BlackLine ( BL -5.11% ) didn't have the best start to the new trading week, at least as far as its stock was concerned. Shares of the accounting software developer fell by more than 5% on Monday, due in no small measure to an analyst's downgrade. The pundit responsible for that move was DA Davidson's Lucky Schreiner. For him, BlackLine is now an underperform (read: sell), where previously he rated it neutral. His current price target is $23 per share. Schreiner's reasoning for the downgrade centers around potential disruption, according to reports. He wrote that developers of advanced artificial intelligence (AI) models can build effective, custom software solutions that drain business from legacy vendors like BlackLine. The analyst added that the company has seen customers opt to build their own solutions rather than buy third-party products. That leaves BlackLine vulnerable, especially as its products are priced at premium levels.
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